Insurance Step Down definition
Insurance Step Down shall have the meaning set forth in Section 2.3(b)(i).
Insurance Step Down means the reduction of the amount insured by MIDFA to twenty-five percent (25%) of the Stated Amount of the Letter of Credit in accordance with the terms of the Insurance Agreement.
Examples of Insurance Step Down in a sentence
If the Insurance Step Down (as defined below) occurs in accordance with the terms of the Insurance Agreement, the Minimum Required Cash Collateral Amount shall be automatically decreased in accordance with subsection (a) above, provided, however, that the Minimum Required Cash Collateral Amount for each year shall be increased by an amount equal to five percent (5%) of the Stated Amount.